DISTRIBUTION OF PROPERTY DURING DIVORCE
When considering a divorce, spouses must agree on how to divide the property, assets, and debts or the Court will make the determination. Nevada is a community property state meaning that most assets and debts acquired by a couple during a marriage should be shared by the parties upon separation. Sometimes issues arise when one spouse attempts to hide an asset or when the asset or debt was both prior to marriage and during the marriage. In addition, sometimes an asset or debt may qualify as separate property and may not be subject to division.
A qualified divorce attorney who understands the distribution of assets can help you sort through all the details of your case.
Separate Property vs Community Property
Community property is normally property acquired during the marriage. It does not matter if the property is only in the name of one spouse. It will still belong to the community. Separate property is something gifted to one spouse or property acquired before the marriage. Under certain circumstances, separate property may become community property. In addition, a pre-nuptial agreement or post-nuptial agreement can also determine if an asset or debt is separate property or a community property.
Property Division of Community Property
Common assets that may be titled in one spouse’s name but may still be considered community property are:
- Real Estate
- Bank accounts
To protect your property, you need an experienced attorney who knows how to help and identify your assets to ensure that they are protected. Jacovino Law will identify the character of all assets owed by you or your spouse, as the first step in determining a fair division of the property Contact us at (702) 776-7179 or schedule a consultation online at https://jacovinolaw.com/schedule-a-consultation/.